Benchmark Has Lowered Expectations for Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price

Bitdeer Technologies Group (NASDAQ:BTDR) had its price target reduced by Benchmark from $27.00 to $22.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s target price indicates a potential upside of 102.21% from the stock’s current price.

Several other equities analysts have also commented on the stock. Weiss Ratings raised shares of Bitdeer Technologies Group from a “sell (d-)” rating to a “hold (c-)” rating in a report on Monday, May 18th. Wall Street Zen lowered shares of Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 2nd. Rosenblatt Securities lifted their price objective on shares of Bitdeer Technologies Group from $18.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Needham & Company LLC boosted their price objective on shares of Bitdeer Technologies Group from $19.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Zacks Research upgraded shares of Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Eleven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.55.

Bitdeer Technologies Group Stock Performance

BTDR opened at $10.88 on Thursday. The firm has a market cap of $2.56 billion, a P/E ratio of -3.15 and a beta of 2.50. Bitdeer Technologies Group has a 52-week low of $6.92 and a 52-week high of $27.80. The company has a debt-to-equity ratio of 1.88, a quick ratio of 1.11 and a current ratio of 1.85. The business’s fifty day moving average is $14.52 and its 200-day moving average is $12.38.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.21). Bitdeer Technologies Group had a negative return on equity of 69.95% and a negative net margin of 68.11%.The company had revenue of $188.93 million during the quarter, compared to the consensus estimate of $184.02 million. During the same quarter in the previous year, the business posted ($0.37) EPS. The firm’s revenue for the quarter was up 169.5% on a year-over-year basis. Sell-side analysts expect that Bitdeer Technologies Group will post -1.54 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitdeer Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Situational Awareness LP lifted its stake in shares of Bitdeer Technologies Group by 92.4% in the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock valued at $29,751,000 after acquiring an additional 1,651,450 shares during the last quarter. Bank of Nova Scotia grew its position in Bitdeer Technologies Group by 91.1% during the 1st quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company’s stock worth $11,846,000 after acquiring an additional 652,874 shares during the last quarter. Fund Resources Investment Holding Group Co Ltd bought a new stake in Bitdeer Technologies Group during the 4th quarter worth $102,732,000. UBS Group AG increased its holdings in Bitdeer Technologies Group by 2.4% in the 4th quarter. UBS Group AG now owns 2,246,381 shares of the company’s stock worth $25,182,000 after purchasing an additional 52,808 shares in the last quarter. Finally, CastleKnight Management LP increased its holdings in Bitdeer Technologies Group by 14.8% in the 4th quarter. CastleKnight Management LP now owns 2,095,116 shares of the company’s stock worth $23,486,000 after purchasing an additional 269,875 shares in the last quarter. 22.25% of the stock is owned by institutional investors.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group Inc (NASDAQ:BTDR) is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure.

Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures.